Suncity chairman sells stake in Sun International

Alvin Chau is the CEO of Suncity Group Holdings.
Alvin Chau is the CEO of Suncity Group Holdings.

Alvin Chau, CEO of Suncity Group Holdings, has announced he has sold his stake in financial services firm Sun International for US$9m.

China.- Suncity Group Holdings has reported that CEO Alvin Chau has sold his entire stake in the financial services firm Sun International for just over AU$9m. His shares were bought by Fresh Success Investments, which must make a mandatory takeover offer for the outstanding shares in Sun International at HK$0.10 a share.

First Cheer, a company held by Chau and Sun Chairman Cheng Ting Kong, sold its 62.82 per cent share in the organisation for an aggregate of HK$143.5m (US$18.5m). Chau and Cheng each hold 50 per cent of First Cheer.

Suncity Group Holdings has estimated a profit of RMB180m (US$27.8m) to RMB240m for H1. That compares to a loss of RMB118.6m per cent in the same period last year.

The company said it will benefit from changes in the fair value of derivatives was approximately RMB449.4m and from the sale of its equity in Access Achievement for RMB 167.8m. 

It said it continues to be affected by the Covid-19 pandemic and the lack of tourists, which led to a fall in revenue from RMB67.7m to RMB26.9m for the first half of the year.

PAGCOR investigates Suncity over client deposits

Andrea Domingo, PAGCOR chairman and CEO, has announced she will set up an investigative committee to look into the casino junket investor Suncity Group Holdings due to allegations that it failed to return clients’ deposits when they requested funds.

There have been claims that Suncity may have invested some of the funds elsewhere without permission. Domingo told The Philippine Daily Inquirer the investigative committee will be headed by Arnold Salvosa, the legal department’s assistant vice president.

Suncity Group answered the allegations through a full-page ad in local media arguing it was committed to returning cash deposits made to the firm. However, Alvin Chau Cheok Wa, CEO of Suncity, said it was difficult to release the entirety of the placements at once due to the company’s financial situation.

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